WASHINGTON – U.S. Senator John Boozman (R-AR), a member of the Senate Agriculture Committee today voted to subpoena former MF Global CEO, Jon Corzine, as well as other MF Global executives, to appear before the committee during a hearing on December 13, 2011. Initial communications to Mr. Corzine and his attorneys requesting his presence at the hearing have not been acknowledged.
“This is an unprecedented step, for a former Senator to be subpoenaed to appear before the committee, and we do not take this decision lightly.” Boozman said. “However, there is as much as $1.2 billion in customer assets missing and we need to find out what happened to them. As the former CEO, we expect that Mr. Corzine will be able help us figure these things out. Many farmers, ranchers, and other business owners had money entrusted to MF Global in order to control risk and for other legitimate purposes. Our number one responsibility is to protect these customers and determine if anything unethical, or even criminal, has occurred. Futures markets are an important risk management tool for agribusiness and we must protect the integrity of that marketplace.”
The Commodity Futures Trading Commission (CFTC) is investigating the whereabouts of the missing customer funds and the FBI is investigating the possibility of criminal misconduct relating to the MF Global bankruptcy. The Senate Agriculture Committee has jurisdiction over commodity trading and its regulatory agencies, such as the CFTC. The bankruptcy of MF Global is the 8th largest in U.S. History and it is estimated that as much as $1.2 billion in customer funds is currently missing.